ConocoPhillips Cuts Outlook, Logs Lower 1Q Earnings as Iran War Disrupts Operations

Published: 2026-04-30 07:59:18 ET COP

Published on 04/30/2026 at 07:59 am EDT

By Connor Hart

ConocoPhillips lowered its production outlook for the year due to uncertainty surrounding the war in the Middle East.

The Houston-based oil producer Thursday forecast production of 2.3 million to 2.33 million barrels of oil-equivalent per day, down from a prior outlook of 2.33 million to 2.36 million barrels of oil-equivalent per day.

The lower outlook accounts for the exclusion of Qatar from guidance, the company said. Qatar is additionally being excluded from ConocoPhillips' second-quarter forecast, which calls for production to be 2.19 million to 2.22 million barrels of oil equivalent per day.

ConocoPhillips' outlooks came as the company notched a first-quarter profit of $2.18 billion, or $1.78 a share, down from $2.85 billion, or $2.23 a share, a year earlier.

Stripping out one-time items--primarily related to pending claims and settlements, as well as a loss on a contingent liability measurement--earnings were $1.89 a share. Analysts polled by FactSet expected adjusted earnings of $1.68 a share.

The company attributed its lower earnings primarily to lower gas prices in Permian and lower volumes, though it noted the decreases were partially offset by lower costs.

The total average realized price per barrel of oil equivalent was $50.36 during the recent quarter, down 5.6% from the same quarter last year. Production came in at approximately 2.31 million barrels of oil-equivalent per day, a decrease of 80,000 barrels of oil-equivalent per day from last year.

Shares ebbed 1.7%, to $126.10, in premarket trading.

"Our thoughts are with our team, partners and everyone impacted by the ongoing conflict in the Middle East," Chief Executive Ryan Lance said.

Write to Connor Hart at [email protected]

(END) Dow Jones Newswires

04-30-26 0758ET